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Kospi Forecast for 3rd June 2013

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Kospi Forecast for 3rd June 2013

 


Kospi tested Fibonacci resistance at 263.50 where we advised to exit longs & try shorts with


stops above 264.20. This trade worked nicely as we topped at 263.90 & drifted back to support at 260.87. We have further support down to 259.80 today so watch for a break below 259.00 today to signal continue losses to the 200 day moving average at 258.29 & possibly a move as far as 257.50/40 this week.


 


263.56/90 remains strong resistance & a selling opportunity this week. However we then run in


to 5 month trend line resistance at 265.20 so only above here opens the door to further gains this week.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas

 

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